BEIJING, Jan 22 Reuters China39;s capital city Beijing has set a growth target of around 5 for 2024, surpassing last year39;s target of above 4.5, despite expectations of slower growth for the national economy.

The economy of the capital city expanded 5.2 in 2023, in line with the national economy, which has so far posted feeble postpandemic growth amid a deepening property crisis, mounting local government debt and persistent deflationary risks.

The target of around 5 is needed to stabilise expectations and boost confidence, to achieve important livelihood goals such as employment and household income, the Beijing Daily reported on Sunday, citing an unnamed government official.

But a growth rate of around 5 is still very challenging, and achieving the goal requires arduous efforts, the official said.

Beijing aims to control its surveybased urban jobless rate below 5 this year.

China39;s 2023 economic growth, which was slightly ahead of the annual target of around 5, was partly helped by the previous year39;s lowbase effect amid COVID19 lockdowns.

Chinese leaders have made boosting confidence in the economy a top policy priority, as businesses and consumers are wary of job security, income growth and the housing market.

Beijing39;s growth target for 2024 may serve as a precursor to a more supportive national growth target, said Tommy Xie, head of Greater China Research at OCBC Bank.

The national growth target is expected to be unveiled at the opening of the…